The price of Bitcoin surpassed the $66,000 mark and has since stabilized. Now, Bitcoin is looking to break through the $67,200 barrier for its next upward movement.
- Bitcoin is eyeing a decent increase above the $67,200 resistance zone.
The price is trading above $65,500 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $65,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it clears the $67,200 resistance zone.
Bitcoin Price Eyes More Upsides
The price of Bitcoin surged past the barriers of $65,500 and $66,000, reaching new heights above $67,000. At its peak, Bitcoin was traded at $67,200 before settling to preserve its recent gains.
The Bitcoin price dipped slightly below the $66,500 mark, but held firm above the 23.6% Fibonacci retracement line of its recent upward trend from the $64,280 low to $67,200 low. Currently, the Bitcoin price hovers above both the $65,500 mark and the 100-hour moving average.
An uptrend line is developing on the hourly chart of BTC/USD, with a supportive level at $65,900. This trend line is close to the 50% Fibonacci retracement mark of the price increase from the $64,280 trough to the $67,200 low.
Immediate resistance is near the $67,000 level. The first major resistance could be $67,200. A clear move above the $67,200 resistance might send the price higher. The next resistance now sits at $68,500. If there is a clear move above the $68,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000.
In simpler terms, Bitcoin could encounter significant opposition around the $70,500 mark in its future growth. If it continues to rise, it may push through this obstacle and head towards the $72,000 resistance level.
Are Dips Limited In BTC?
if Bitcoin doesn’t manage to break through the $67,000 barrier, there’s a risk of a price decline. The nearest support lies around $66,200.
if the price falls below the initial significant support at $66,000 or the trendline, it may trigger a further decline towards $65,400. A continuation of this trend could potentially push the price down to the nearby support area around $64,200.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $66,200, followed by $66,000.
Major Resistance Levels – $67,000, $67,200, and $68,500.
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2024-04-24 06:22